Bernie Moreno and Elizabeth Warren: Our Plan to Save Social Security

[many a good man]

3. But they are also leaving the max payout in place

Are you unaware there is a cap on SS payable benefits?

The following examples apply if you earned the taxable maximum in each year beginning at age 22 and start receiving benefits in 2026:

If you retire at full retirement age in 2026, your benefit would be $4,152.
If you retire at age 62 in 2026, your benefit would be $2,969.
If you retire at age 70 in 2026, your benefit would be $5,181.

Social Security is both regressive and progressive at the same time. It is progressive in that lower income earners will get a little more out than they put in while higher earners will get a little less back in proportion. It is regressive in that high earners payroll tax is capped at $184K.

I think this proposal is good place to start negotiations. I anticipate it could end up reducing the withholding rate above a certain income level and raising the max payout some.

SSA link: https://www.ssa.gov/faqs/en/questions/KA-01897.html